Can Market Get Range Resolution?

Futures are firming up this morning and we are now set for a slightly higher open. We continue to build this tight upper level base, and have had enough rest to work off the entire oversold reading from the market after the fast start to the year. Traders were looking for earnings season to be a potential catalyst for a range break, but so far it has not had that effect.

The S&P 1460-1474 level has contained this tape for the past five trading sessions. A more micro pivot to watch on the S&P 500 ETF (NYSE:SPY) is $147.25ish, which we are now set to open above. If we can hold above that level then September highs of $148.11 could potentially come into play. The micro floor to watch and trade against is $146.20.

Tech continues to be mixed…

AAPL finally had its bounce and it was tradable — two nice “intraday” entries… Today it’s opening above yesterday’s high.. Lets see if I can get a “day 2” something we haven’t seen in a while… $515 is some micro resistance- then the gap gets filled at 520 ( with the 21 day around $522 that has acted as major resistance since it started the decline from $700…

GOOG – got hit a bit yesterday- $712-$713 is now some big support to trade against

AMZN – continues best in breed—holding the 8day and Ebay’s earnings could be helpful.

INTEL – has been grinding higher and a nice hold within a portfolio this year.. I will sell before earnings- and trade after it.

MSFT – worth keeping an eye on with all the hoopala around Dell and HPQ — Above $27.30- maybe it gets a bit more motion

CRM – got hit with a new story yesterday- I got stopped out of my VMW on that news.. ( might need some time)

FB – needs some time to digest the event

LNKD – still holds in well- above $119.50ish could get it in motion

Russell IWM continues to hold in well

XLI – also looks good with the XHB

Banks remain strong- GS and JPM both acted well after earnings..

BAC – came out- was decent- probably not enough to Ignite it… but I will hold mine as long as it stays above $11.33

Citigroup (C) will be out later

Metals still hang around — GLD really needs to clear $163.50-$164.25 in order to get interesting, in my opinion..

TBT – up today- this has been tricky- I’m still long it as it held support by a thread.. let’s see if it can hold its gap up today

CRB – commodities index looks interesting. Take a peak as this Descending Channel is long and tight.. Same type of channel I pointed out in the Transports IYT before it ignited above 92

There are things to do — keep looking around…

By Scott Redler and John Darsie

Disclosure: Scott Redler is long SPY, LNKD, CAT, GLD, TBT, BAC, GS, TASR, DELL, MSFT, GE, INTC, F.

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About Scott Redler 367 Articles

Scott Redler is the Chief Strategic Officer of T3 Live. He develops all trading strategies for the service and acts as the face of T3 Live. Mr. Redler focuses on thorough preparation and discipline as a trader.

Mr. Redler has been trading equities for more than 10 years and has more recently received widespread recognition from the financial community for his insightful, pragmatic approach. He began his career as a broker and venture capitalist where he was able to facilitate relationships that led him into trading. Beginning his trading career at Broadway Trading in 1999, Mr. Redler moved on with Marc Sperling to Sperling Enterprises, LLC after establishing himself as one of the best young traders in the firm. As a manager at Sperling Enterprises, continued to trade actively while working closely with all traders in the firm to dramatically increase performance.

Mr. Redler has participated in more than 30 triathlons and one IronMan, exhibiting a work ethic that also defines his trading. His vast knowledge and meticulous attention to detail has led to regular appearances on CNBC, Fox Business, Bloomberg, and he is a regular contributor to Minyanville and Forbes’ Intelligent Investing blog. He has been quoted in the Wall Street Journal and Investor's Business Daily, among other publications.

Scott received a B.B.A. in Marketing/Finance from the State University of New York at Albany, graduating Magna Cum Laude from Albany's School of Business.

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